Trump: Latest Talks 'Last Chance' for Iran | Bloomberg Businessweek Daily 8/3/2026

Watch on YouTube ↗  |  August 03, 2026 at 21:49  |  1:00:23  |  Bloomberg Markets
Speakers
Torsten Slok — Partner, Apollo Global Management
Lizzie Dove — Senior Equity Research Analyst, Goldman Sachs
Donald Trump — President of the United States

Summary

President Trump discusses Iran talks, oil company profits, and domestic issues, while Jeff Mason analyzes the political landscape. Apollo's Torsten Slok warns of oil supply disruption risk from the Strait of Hormuz and explains why AI concentration is breaking the traditional 60/40 portfolio. Goldman's Lizzie Dove covers Marriott's earnings headwinds and sees a potential recovery setup in cruise lines if Middle East tensions ease.

  • Trump says Iran is getting a 'last chance' before a military attack and talks are underway.
  • Trump criticizes Exxon and Chevron for excessive profits, pressuring their share prices.
  • Jeff Mason notes uncertainty over Iran talks and weak approval polls for Trump.
  • Slok warns that the Strait of Hormuz closure is a jump risk for oil prices as inventories run low.
  • Slok says the 60/40 portfolio is broken because AI is the single dominant factor in equities.
  • Slok recommends avoiding AI exposure due to concentration risk and competition from open-source models.
  • Marriott shares fall on Middle East construction delays, though US travel demand remains strong.
  • Lizzie Dove sees a potential strong recovery in cruise lines if the Iran conflict is resolved.
Ideas
Torsten Slok Partner, Apollo Global Management 42:04
Oil supply disruption risk is underestimated
The closure of the Strait of Hormuz poses an ongoing jump risk for oil prices because Europe and other regions risk running out of jet fuel, marine fuel, fertilizer, and helium, and the clock is ticking on oil inventories with no ships passing through; eventually inventories could hit critical levels, creating a sharp price spike despite current market complacency.
WTI HIGH
Torsten Slok Partner, Apollo Global Management 49:43
Avoid AI stocks due to concentration risk
The classic 60/40 portfolio is broken because stocks are now driven by AI rather than the business cycle, and the AI basket is highly concentrated with the 10 largest stocks making up 40% of the market; bonds are driven by fiscal problems, not the cycle. This means stocks and bonds can lose money simultaneously, and AI has become the single factor driving everything, including investment-grade credit. The best recommendation is to be not in AI to get away from this one-factor risk, especially as AI trade becomes vulnerable to open-source competition and Chinese models.
AIQ HIGH
Lizzie Dove Senior Equity Research Analyst, Goldman Sachs 59:48
Recovery in cruise if Iran conflict resolves
Cruise lines have been hit by higher food costs and safety concerns for US travelers in Europe, but if there is any resolution in the Middle East conflict, it could set up for a really strong recovery in cruise demand and pricing in 2027.
CRUZ MED
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This Bloomberg Markets video, published August 03, 2026, features Torsten Slok, Lizzie Dove discussing WTI, AIQ, CRUZ. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Torsten Slok, Lizzie Dove  · Tickers: WTI, AIQ, CRUZ